Global Optical Imaging Market to Grow at CAGR of 11.37% to Reach $1.9bn at End-2018
7 March 2013
The global optical imaging technologies market is projected to expand at a compound annual growth rate (CAGR) of 11.37% in 2013-2018, reaching $1.9 billion at the end of the period, a new industry report published by MarketsandMarkets reveals.
The value of the market stood at $915.75 million in 2012, according to the report entitled "Optical Imaging Market (2013-2018) - Technology Trends And Applications Of Optical Coherence Tomography (OCT), Hyper Spectral Imaging (HSI), Near Infrared Spectroscopy (NIRS) And Photo-Acoustic Tomography (PAT) In Clinical Diagnostics, Clinical Research And Life Sciences With Market Landscape Analysis - Estimates Up To 2018."
Optical imaging is among the technologies the global healthcare sector is embracing as it moves towards non-invasive diagnostics and treatments with fewer side effects. The technology, which uses light to assess optical properties of tissues, has great potential in the diagnosis and treatment of chronic diseases.
There are some major advantages of optical imaging over current radiological imaging techniques as it is non-invasive, more cost efficient, uses no ionizing radiation and has an inherent capacity for improvement of diagnostic resolution.
Currently, OCT rules the market with a chunk of over 70% and a projected CAGR of 4% by the end of 2018. OCT technology is widely used for clinical diagnostics in ophthalmology, dentistry, cardiology, dermatology and, recently, in cancer detection. HSI, NIRS and PAT are the emerging technologies with a few players in the optical imaging market. HSI and NIRS, which are currently used for biomedical research and drug discovery in dermatology and neurology, are expected to see dramatic growth, while recent advances in PAT expand its potential to better differentiate benign from malignant lesions.
America is the major market for optical imaging equipment, followed by Europe, with both regions' aging populations driving the market. Emerging economies in the Asia-Pacific and the Middle East are seen as the future drivers of the market.
The lack of reimbursement coverage is a major drawback of the optical imaging market at present. However, reimbursement policies are set to improve once these technologies go mainstream, the report says.